Tesla shares have traded in a volatile range following the company's third-quarter results, with automotive gross margins rebounding to 19.6% and free cash flow reaching $1.53 billion after capital expenditures came in below expectations at $4.7 billion. Revenue held near $28.05 billion, beating estimates despite a 3% year-over-year decline in automotive sales, while adjusted EPS of $0.48 exceeded consensus amid record vehicle order backlogs. Traders are weighing these margin and cash-flow positives against elevated R&D spending on Robotaxi and Optimus initiatives, plus potential SpaceX merger discussions, as the stock hovers near recent levels around $370–$390. Key near-term influences include any updates on delivery trends and regulatory developments for autonomous features.